Today, the focus of cryptocurrency markets has been on economic data from the United States (US), with particular interest in the effects on Bitcoin. The central role of the dollar in the global financial system causes macroeconomic data from the US to have a direct impact on all assets tied to the dollar. For this reason, investors and analysts are watching monthly inflation data with great care.

The last-minute US inflation data was a long-awaited development in the markets. In particular, the Consumer Price Index (CPI) data, which is critical for the US Federal Reserve (FED), plays an important role in determining the central bank's future monetary policy steps. Here are two critical data that stand out:

  • US Annual Consumer Price Index (CPI):

    • Previous: 3.0%

    • Expectation: 3.0%

    • Explained: 2.9%

  • US Monthly Consumer Price Index (CPI):

    • Previous: -0.1%

    • Expectation: 0.2%

    • Explained: 0.2%

The data released show that the annual inflation rate in the US has fallen below 3% and is 2.9%. This indicates that inflationary pressures in the US economy have decreased and the FED may re-evaluate future interest rate hikes. However, this value is still far from the FED's target figure.

Data from the CME FedWatch tool suggests that the probability of a 50 basis point rate cut in September is over 50%, while there is also a possibility that the Fed will cut rates by 100 basis points this year.

Following the announcement of the inflation data, there was significant volatility in the leading cryptocurrency Bitcoin (BTC) markets. The BTC price increased by 5% in the last 24 hours immediately after the announcement and is currently trading at $61,403. In the last 24 hours, the price reached a low of $58,788 and a high of $61,572. The price showed sharp movements during this period, but while investors are waiting for a major breakout, BTC has not yet determined a clear upward or downward direction. These unstable movements indicate that uncertainty continues in the market and investors expect a volatile course in the short term.

The annual CPI coming in below expectations can be considered a positive development. A lower inflation rate could increase the likelihood that the US Federal Reserve (FED) will signal easing in monetary policy. In such a case, Bitcoin prices could increase and investors could turn to riskier assets.

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